A bill of exchange has the following features:
- A bill of exchange is an instrument in writing.
image source: commercepk.com/wp-content/uploads/2015/06/billexchangear00301.jpg
- It must be signed by the maker or drawer. Unsigned document will not be legally valid.
- It contains an unconditional order. There is no condition attached to it.
- The order must be to pay money and money only.
- The sum payable must be specific.
- The money must be payable to a definite person or to his order or to the bearer.